Acasta to sell Stellwagen and amend Its $150 million credit facility

Acasta Enterprises has entered into a non-binding term sheet with Martello Finance Company for the sale of its Stellwagen business unit. Acasta has also entered into an amending agreement with the company’s senior lenders under its US$150 million credit facility. Acasta will sell Stellwagen to an affiliate of Martello, in exchange for the cancellation of 26 million common shares of Acasta beneficially owned by Martello and others, which represents approximately 27% of the issued and outstanding common shares, in return for US$35 million (of which $5 million will be paid ninety days following closing of the transaction). Acasta will retain